$R_t={\alpha }_1+{\beta }_1{D}_{1t}\left(\text{Tue}\right)+{\beta }_2{D}_{2t}\left(\text{Wed}\right)+{\beta }_3{D}_{3t}\left(\text{Thu}\right)+{\beta }_4{D}_{4t}\left(\text{Fri}\right)+{\epsilon }_t$ (1)

Variable

Coefficients

Standard Error

t-statistics

probability

Intercept ( ${\alpha }_1$ )

0.121395***

0.066744

1.818797

0.069

Tuesday ( ${\beta }_1$ )

−0.13318

0.094319

−1.41205

0.158

Wednesday ( ${\beta }_2$ )

−0.05924

0.094212

−0.62884

0.5295

Thursday ( ${\beta }_3$ )

−0.19596**

0.094572

−2.07211

0.0383

Friday ( ${\beta }_4$ )

−0.02018

0.094755

−0.21301

0.8313